Is your car insured ENOUGH to actually replace your car?

[Kern Dog]

I was wondering about this subject lately as I am also a member of DodgeCharger.com. To see web links for rusty hollow shells of 68-70 Chargers with asking prices of $7000 or more is obscene. I paid $1700 for my 70 in March 2000. It was a running, driving 318 car that only needed rust repair around the rear window channel and trunk floor. Now I'm seeing cars that appear in similar condition priced over $12000.
I'm not looking to start another Charger project but if mine were stolen, burned or rolled, I'd want to begin again. How the heck do you make sense of the steep rise in "asking" prices in such a short time? I'm well insured but maybe I should consider raising the limits. It would be terrible to pay for insurance for all this time only to get half of the $$$ it takes to put together another one.

 

[SlinktRR]

I was wondering about this subject lately as I am also a member of DodgeCharger.com. To see web links for rusty hollow shells of 68-70 Chargers with asking prices of $7000 or more is obscene. I paid $1700 for my 70 in March 2000. It was a running, driving 318 car that only needed rust repair around the rear window channel and trunk floor. Now I'm seeing cars that appear in similar condition priced over $12000.
I'm not looking to start another Charger project but if mine were stolen, burned or rolled, I'd want to begin again. How the heck do you make sense of the steep rise in "asking" prices in such a short time? I'm well insured but maybe I should consider raising the limits. It would be terrible to pay for insurance for all this time only to get half of the $$$ it takes to put together another one.

Hagerty agreed value is the way to go. Appraise your car and pay for how much coverage you think you need in case of total loss.

 

[GetX'd]

Been in the insurance business for 35 years. You're headed down the right road. You want your car insured for what you have in it and that's called Agreed Value. Most of the specialty car companies provide that form of coverage. Haggerty is one, but there are many others. I happen to have Grundy - one of the Philadelphia Companies subsidiaries. Not promoting them just saying in my area and situation they were the best deal. There's Heacock - There's plenty of options. I have my GTX insured for $50k. Not sure that it would sell for that much but I have at least that much into it. If the car is totaled, stolen, burns etc, etc I would be compensated for that agreed value.

Pick your carrier and coverage carefully. Cheapest isn't necessarily best.

 

[MarPar]

Hagerty, agreed value...only way to go.

Go and get yourself an "appraisal" and off you go.



worth EVERY penny in piece of mind

 

[Darius]

Agreed value with Hagerty x2.
I had my car appraised and they insured it for that much no questions asked once I sent them a copy. It hurts writing that big check each April but I go places and sleep easy knowing I'll be OK if someone steals it or worse. I doubt I would get near what I have in it but what I would get I could easily build another like it "knowing what I know NOW" ;-)

 

[Dennis H]

J C Taylor. Agreed. $20k if it burns to the ground or gets stolen from Bass Pro parking lot.

 

[mmissile]

Mine is insured with Haggerty, and they had no problem with 100K with one picture.

 

[Moparsmitty]

Specialty companies like Hagerty are willing to insure your car for any "agreed to value" that they think is reasonable. They are generally willing to sell you more insurance for a higher premium. If you want full replacement value, then that's what you pay for. If you are willing to assume some of the risk yourself, then you can lower the value and pay less. It all boils down to how much coverage you want and if you think the coverage is worth the price.

 

[68 Sport Satellite]

As both Grundy and Haggherty told me though, there are stipulations - they will only insure for less than X-amount of miles per year, if you drive the car to work and get hit, no reimbursement. Same goes for grocery store parking lots (carts?). So that leaves weekends only and you can't park everywhere. Anyone hear any different? I was all set to insure last year and when they told me all these rules I decided it's not worth it . ( I have about $40k into my car and just keep geico coverage)

 

[Richard Cranium]

My insurance agency carries Grundy & more or less, they value it for what you tell them to. They even insured the Hellcat for me. The only major stipulation is 5,000 or less miles per year. Yes, it's not supposed to be an every day car, but there are ways around that. Who's to say that if you did have an incident that you just didn't take a car to work because you were going to get it aligned after work?

 

[72Fourspeed]

Insured my beater RR for 20k through my regular carrier, Safeco. 4000 miles per year for $17 a month. Check your regular carrier, folks. They have deals. I have to keep it in a locked garage at my house. I have to call them if I take 500 miles from home, or overnight. Worth the 50% to me, at least til car gets finished.

 

[440+6]

My insurance agency carries Grundy & more or less, they value it for what you tell them to. They even insured the Hellcat for me. The only major stipulation is 5,000 or less miles per year. Yes, it's not supposed to be an every day car, but there are ways around that. Who's to say that if you did have an incident that you just didn't take a car to work because you were going to get it aligned after work?

This one is tricky, my agent (not Grundy employee) said if you go to a cruise in after work it's OK to drive to work. I've always wondered what would happen if I had a claim. My wife dose drive a classic to work on nice days, I just hope for the best.

 

[djais1801]

X3 agreed values...I know they say there's a mileage stipulation- but I just bought the 69 and Hagerty didn't ask me what current mileage was-so how will they know whether mileage was in line if I need to make a claim

 

[1967coronet]

Im with Hagerty also,
purchased through my local independent agent, He has a few classic cars and has his own through Hagerty.
He explained to me that were we live has some to do also with rates. I have $16,000 agreed on my 67 that costs $160 per year.

If I lived in a large metro area instead of Iowa I am sure it would be a higher cost.
I have never tested the coverage and hope to never find out, But he explained to me that as long as you were doing or going some place that relates to the car you are covered. At the grocery store I would be buying windex and paper towels to clean the glass on it.

 

[verdelaw]

American Collector Insurance. I haven't had them for very long, and I haven't had a claim. But they insured to $25k simply by asking.

 

[68 Sport Satellite]

Good info guys, anyone have a past claim success story?

 

[ws23jrt]

I also would like to hear from those that have had a claim satisfied. Buying insurance is easy.

 

[Kern Dog]

In 2006, I was hit in the left fender by an inattentive idiot. I made a claim. At that same time, I told Hagerty that I also had an outward ding in my RH quarter panel from a small floor jack moving around. They added the small ding to the claim without trouble. The ding ended up costing more to fix.